The pawnshop is one place that people who need extra cash head to. Pawning valuables is a common and accepted practice. But these days, more people are deciding to go for hassle free car loans Barrie Ontario instead of pawning. There are several good reasons for this.
Reasons to Choose Title Loans
- Easy Application: One thing that both title lending companies and pawn shops have in common is the streamlined application process they offer. Borrowers simply fill up a form and produce the relevant documents.
- Longer Pay Period: Contracts for title loans can be set for a 12-month payment scheme while most pawn shops will just give the borrower 30 days to pay back the loan. You can get a 30 days grace period but will have to pay a penalty and agree to an increase in interest.
- Collateral Remains: The only thing you surrender in a quick car loan is your vehicle’s ownership title. Your car remains with you and you can still use it. If you pawn an item, it will remain with the shop as long as the loan hasn’t been paid in full.
- Lower Interest Rate: Title loans typically have lower interest rates. It can go as low as 1.5 percent while pawn shops usually levy a 25 percent interest.
- Higher Loan Amount: You can get higher loans with a title lending company. However, this will depend on the value of your collateral so make sure you take good care of your car.
Same Day Cash
Need cash quickly? Canada Car Cash can help you. The company offers loans amounting to a percentage of your vehicle’s value. You can also enjoy interest rates that are 70% lower than the competition as well as affordable monthly payments. Log on to their website or call their toll-free number at 1-844-598-7631.
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